If there’s one thing Mike Janes wants to do, it’s to educate people to make better decisions with their money. It’s why he went into economics in university. And it’s why, today, as top-selling agent for The Condo Group, he looks for every opportunity to share his expertise with homebuyers.

Armed with his BSc (with distinction in economics), Janes started his career working for a big bank, with his sights firmly trained on making the jump to the Bank of Canada in a few years’ time. But when Tony Zarsadias, co-founder of The Condo Group (his partner is Chris Gill), crossed Janes’s path, the young economist’s career trajectory took a turn for the exciting.

I was talking to Tony about his young company that was doing amazing things and focusing on a segment of the real estate market that no one else was, recalls Janes. He decided to join The Condo Group, and hasn’t looked back.

Targeted Niche; Specialized Expertise

In the intervening years, Janes has become even more convinced that Victoria’s condominium segment deserves more attention. Because of this conviction, he targets his expertise toward only condominiums. “You can only know so much of the market,” he says. “The average agent who’s selling houses and strata properties from Sidney to Langford can’t possibly know the condo market like we do.”

Along with The Condo Group’s nine other Realtors®, Janes is on a mission to teach buyers as much as possible about what it means to own a strata property. The group holds frequent seminars on condo buying, and takes prospective buyers on a fun afternoon around town in their innovative Condo Tour Bus. The tours walk people through the things that affect condo pricing in Victoria: the rentability of a given property, the location and views, construction and condition of existing assets, and restrictions that affect pricing. 

You’re Not Just Buying a Home. You’re Investing in a Business. 

Some of the most important work Janes does is to educate buyers about the role of a strata council in planning wisely to mitigate expenses as a building ages.  “Most people don’t understand that when you’re buying a condo, you’re not only buying your home, you’re also buying into a corporation,” says Janes. “It’s like buying shares in a business. Your nest egg and your future income is deeply impacted by how that corporation is run.” Buyers need to give this reality the attention it deserves, he says.

In a condo, the corporation comprises all the owners, and from among those owners is elected a council that is then tasked with running the corporation on your behalf. “For the most part, those people have no prior credentials working as a director on a board, or as a CEO or CFO of a business, so you’re putting your trust in the hands of people who may not understand all the ins and outs of running a strata, and they don’t have your best interests in mind.” Janes’s goal is to preach the gospel of awareness far and wide, so that when homebuyers look at a given condo property, they have the tools to assess whether that corporation is the right one to park their hard-earned money in. “On the Condo Tour Bus, I talk about why you want to avoid certain buildings, and why you want to invest in others.”

It’s easier than ever before to get a handle on a given property’s value over the long term, because recent legislation requires that every strata property must complete a depreciation report every five years. The reports show how the strata is operating and saving for expenses over the next 3-35 years, from boilers to roofs to carpets to mailboxes to elevators, noting how long each asset will last, and assessing the cost of replacing them. The reports quickly make it apparent which stratas are in good shape—and which are in the red. Not all depreciation reports are created equal, therefor it's important to have a condo expert review it before you decide to buy.

Victoria Condos: An Excellent Investment

Victoria’s bustling condo market is up in the start of 2015, notes Janes, and has been strengthening over the last 2–3 years. “We’re in good stead in a lot of ways with condos in Victoria,” he says. In this city, the paucity of land and the high cost of development tends to attract quality builders. In turn, high-quality construction leads to excellent resale values in 5–15 years’ time. 

Condo buyers in Victoria have become pickier lately, in part because the depreciation reports help them see how much a given strata will cost them in the future. New condos are especially attractive because these stratas have a clean slate and can save accordingly. Janes is seeing multiple offers on well-priced units in buildings that are good investments. “What I see with my buyers is people willing to go smaller to get into something safer.” 

On Making Victoria More Condo-Friendly

Developers get it, says Janes, and they’re adjusting their sizes and finishings to accommodate buyers’ budgets. “I’m also a fan of how city council makes sure we’re not just throwing up high-rise towers and losing the essence of downtown,” he says.

The biggest challenge the industry faces is what Janes refers to as the “changing of the guard” with regard to the age groups currently living in condos. In many areas, an elderly demographic has established numerous restrictions on how their condos can be lived in, from pets to barbecues to rentals. “The more restrictions you add, the less people will buy, and it restricts the market in general,” says Janes. Over the next decade, he sees the market freeing up a bit in terms of what people will allow in their buildings. Buyers should remember, too, that condo bylaws aren’t set in stone; they only need a ¾ vote to change them. “If you want a bylaw to change,” says Janes, “bring it up at a meeting.”

The Condo Lifestyle Works for The Condo Expert

A condo owner himself, Janes and his fiancée share 550 square feet (with their dog) at The Railyards. Condo living suits their active lifestyle as boaters, marathoners and golfers. “We don’t need a yard, and we don’t want to do the work to maintain it,” says Janes.

We love being walking distance to the city and to everything that Victoria has to offer.

Increasingly, people are opting for smaller mortgages to allow them the freedom to do more with their lives, he says. “Condos allow you to be free of massive debt, and you’re not having the constant worry of saving for the next maintenance job. In a condo, you pay your fees every month, and with a smart condo that has planned well for the future, you don’t have to worry again.

It’s an exciting time to be thinking about investing in a condo in Victoria. With dozens of unique, well-built projects that capitalize on the beauty and culture of our city, there’s something that’s right for every buyer—and The Condo Group will help find the fit for you. “At the end of the day, a strata is made up of humans,” says Janes. “You can’t predict a human. But you can predict assets in a building, and how long they’ll last.”